A country produces only ice cream and cake in the quantities and prices listed below. Use 2011 as the base year. 6. Refer to Table 23-2. Calculate real and nominal GDP for the year 2012. 7. Refer to Table 23-2. Calculate real and nominal GDP for the year 2013. 8. Refer to Table 23-2. Calculate the GDP deflator for 2012 and 2013.
A country produces only ice cream and cake in the quantities and prices listed below. Use 2011 as the base year. 6. Refer to Table 23-2. Calculate real and nominal GDP for the year 2012. 7. Refer to Table 23-2. Calculate real and nominal GDP for the year 2013. 8. Refer to Table 23-2. Calculate the GDP deflator for 2012 and 2013.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
Table 23-2
A country produces only ice cream and cake in the quantities and prices listed below. Use 2011 as the base year.
6. Refer to Table 23-2. Calculate real and nominal
7. Refer to Table 23-2. Calculate real and nominal GDP for the year 2013.
8. Refer to Table 23-2. Calculate the GDP deflator for 2012 and 2013.
![Quantity of
Ice Cream
Quantity of
Cake
Year
Price of Ice
Price of
Cream
Cake
2011
$2.00
200
$10
40
2012
$2.30
250
$14
50
2013
$2.75
280
$18
80](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F395ccb3c-cbfc-4e66-b3e6-5ddbd48e6a9b%2F076b1004-05c2-4d5f-af7d-067de738e4c3%2Fkt23gpl4s_processed.png&w=3840&q=75)
Transcribed Image Text:Quantity of
Ice Cream
Quantity of
Cake
Year
Price of Ice
Price of
Cream
Cake
2011
$2.00
200
$10
40
2012
$2.30
250
$14
50
2013
$2.75
280
$18
80
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